The following information came from the income statement of Johnson Electronics at December 31, 2023: sales revenue of $2,400,000; beginning inventory of $280,000; ending inventory of $320,000; and gross profit of $720,000. What is Johnson's inventory turnover ratio for 2023? A) 5.0 times B) 4.5 times C) 5.6 times D) 6.5 times

The following information came from the income statement of Johnson Electronics at December 31, 2023: sales revenue of $2,400,000; beginning inventory of $280,000; ending inventory of $320,000; and gross profit of $720,000. What is Johnson's inventory turnover ratio for 2023? A) 5.0 times B) 4.5 times C) 5.6 times D) 6.5 times

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 15BEA: Last year, Nikkola Company had net sales of 2,299,500,000 and cost of goods sold of 1,755,000,000....

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